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A student who withdraws during a semester may be entitled to a refund of certain charges as outlined in the Refund Policy. Withdrawal may also affect a student's financial aid eligibility for the semester as outlined in the federal Return of Title IV Program Funds Policy and the Return of Non-Title IV Program Funds Policy.

Return of Title IV Program Funds Policy

The 1998 amendments to the Higher Education Act (HEA) of 1965 and subsequent regulations issued by the Department of Education (43 CFR 668.22) establish a policy for the return of Title IV grant and loan funds for a student who withdraws. Title IV grant and loan funds include the following programs: Federal Direct Loans, Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Perkins Loan, Federal Work-Study, the Iraq and Afghanistan Service Grant, and the Federal Teach Grant. 

The amount of Title IV funds the student earns, up to the withdrawal date, is based on a daily proration determined by dividing the total number of calendar days completed by the total number of calendar days in the semester (excluding breaks of five or more consecutive days). This calculation must only be done up to the 60% point in time for the semester. After the 60% point in time, the student is considered to have earned all of the Title IV funds awarded for that semester.

Unearned Title IV funds must be returned to the Title IV programs. If the amount earned is greater than the amount that has been disbursed, the difference is treated as a late disbursement to the student. Unearned funds, up to the amount of total institutional charges (tuition, room, and board) multiplied by the unearned percentage of funds, are returned to the Title IV programs by the University of Richmond. The student must return any portion of unearned funds not returned by the school. Only 50% of unearned grants funds must be returned. Title IV loan funds that must be returned by the student are repaid per the loan terms.

Unearned Title IV funds are returned to the Title IV programs in the following order: Unsubsidized Direct Stafford Loans, Subsidized Direct Stafford Loans, Perkins Loans, Direct PLUS Loans, Federal Pell Grants for which a return of funds is required, Federal Supplemental Educational Opportunity Grants for which a return of funds is required, Federal TEACH Grant for which a return of funds is required, and Federal Iraq/Afghanistan Service Grant for which a return of funds is required.

Return of Non-Title IV Program Funds Policy

Non-Title IV financial aid will be adjusted for a withdrawing student based upon the University's Refund Policy. Adjustments will be made through the tuition adjustment periods as listed below. The amount to be returned to the Non-Title IV financial aid program is the same percentage that will be refunded to the student for tuition and room charges. After the tuition adjustment period, the student is considered to have earned all of the Non-Title IV aid.

Non-Title IV financial aid funds are returned in the following order: institutional grants/scholarships, non-federal loans, agency scholarships.

Students who are receiving financial aid and who are planning to withdraw from the University during a semester are strongly encouraged to meet with a Financial Aid Advisor to review the impact that their withdrawal will have on their institutional charges and on their financial aid for the semester.

No refunds are given for summer housing and meal plans.

For classes that meet for five weeks
Withdrawal on or before the third day of term 100%
Withdrawal from the fourth-seventh day of term 50%
Withdrawal during the second week of term 25%
Withdrawal after the second week of term None

For classes that meet for six weeks
Withdrawal on or before the third day of term 100%
Withdrawal from the fourth-seventh day of term 50%
Withdrawal during the second week of term 50%
Withdrawal during the third week of term 25%
Withdrawal after the third week of term None

For classes that meet for eight and twelve weeks
Withdrawal on or before the third day of term 100%
Withdrawal from the fourth-seventh day of term 50%
Withdrawal during the second week of term 50%
Withdrawal during the third week of term 25%

Withdrawal during the fourth week of term

25%
Withdrawal after the fourth week of term None
LAW 8 Week
Withdrawal on or before the first day of term 100%
Withdrawal during the first week of term 50%
Withdrawal during the second week of term 50%
Withdrawal during the third week of term 25%

Withdrawal during the fourth week of term

25%
Withdrawal after the fourth week of term None
MBA
Withdrawal on or before the first day of term 100%
Withdrawal during the first week of term 50%
Withdrawal during the second week of term 50%
Withdrawal during the third week of term 25%
Withdrawal after the third week of term None

Appeals Process

The University of Richmond has an appeal process for students and parents who believe individual circumstances warrant exceptions from published policy.

A student or parent has six weeks from the time of withdrawal to appeal the University's refund policy.

All appeals must be in writing and directed to:

Annemarie Weitzel
Bursar Box R
University of Richmond, VA 23173
bursar@richmond.edu

Please contact Student Accounts if you have any questions.

Direct Deposit of Refund Checks

With Direct Deposit, your refund will be automatically deposited to the bank account you specify, elminating trips to the bank and the risk of your check being lost or stolen.  It can take up to two business days for a direct deposit to post to your bank account.  To participate, return the completed Direct Deposit Authorization form and your voided check to Accounts Payable in Maryland Hall.

Contact Student Accounts

Phone number: (804) 289-8147
Toll free: (866) 241-8893
E-mail: bursar@richmond.edu

Monday through Friday, 8:30 a.m.–5 p.m.

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